How much debt is too much?

(Rankings, Profiles, Tuition, Student Life, . . . )

Where is your debt limit?

<$25,000
8
4%
$25,000
4
2%
$50,000
10
5%
$75,000
16
8%
$100,000
40
20%
$125,000
22
11%
$150,000
43
21%
$200,000
32
16%
$250,000
13
6%
>$250,000
15
7%
 
Total votes: 203

User avatar
Tadatsune
Posts: 181
Joined: Wed Jan 18, 2012 4:17 pm

How much debt is too much?

Postby Tadatsune » Mon Mar 12, 2012 7:45 pm

I'm curious to see how much debt people are willing to take on in their quest for a JD.

Obviously, there are a lot of variables that go in to this calculation, but for now just vote what your absolute limit is. (Include undergrad debt going into law school.)

As a follow up, does T-14 change the math at all? T-6? T-3?

chewy
Posts: 26
Joined: Tue Jul 27, 2010 2:08 pm

Re: How much debt is too much?

Postby chewy » Mon Mar 12, 2012 7:49 pm

I think it depends on your target market, and what you plan to do.

User avatar
splitbrain
Posts: 656
Joined: Tue Nov 29, 2011 11:38 pm

Re: How much debt is too much?

Postby splitbrain » Mon Mar 12, 2012 7:50 pm

Tadatsune wrote:As a follow up, does T-14 change the math at all? T-6? T-3?

imo, yes, absolutely; just from a cost-benefit perspective. The poll is too obscure because of this.

$200k debt from Stanford? Sure. $200k$25k debt from Cooley? Hmm...

User avatar
No13baby
Posts: 440
Joined: Fri Aug 19, 2011 12:42 am

Re: How much debt is too much?

Postby No13baby » Mon Mar 12, 2012 7:50 pm

Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.

User avatar
bernaldiaz
Posts: 1686
Joined: Sun Apr 24, 2011 12:51 am

Re: How much debt is too much?

Postby bernaldiaz » Mon Mar 12, 2012 7:51 pm

There's a similar thread about this a few months back but I couldn't find it.

Personally, I'd pay sticker at top 3 (so call that 100-200,000 for me, due to savings and parental support and the possibility of a SA position), would pay a bit more than half for a t6 (say I'd be willing to go over 100-150 grand into debt), would not go more than 100 grand (or so) into debt for 7-14 and would need to in no debt for outside the t14 (remember I have some decent savings and a little support so I could easily cover living expenses).

Then again, this is based off my numbers (3.98, 174) so any less would probably be an injustice. If I had lower numbers, I would totally have a different point of view. No matter who I was, I would definitely pay sticker at t6 and would be willing to go 150 grand into debt for the rest of the t14.

User avatar
Tadatsune
Posts: 181
Joined: Wed Jan 18, 2012 4:17 pm

Re: How much debt is too much?

Postby Tadatsune » Mon Mar 12, 2012 7:53 pm

chewy wrote:I think it depends on your target market, and what you plan to do.


Sure.

I guess my expectation is that the average TLSer is gunning for a tier 1 or better school. But feel free to answer however best fits your situation.

User avatar
splitbrain
Posts: 656
Joined: Tue Nov 29, 2011 11:38 pm

Re: How much debt is too much?

Postby splitbrain » Mon Mar 12, 2012 7:54 pm

bernaldiaz wrote:Then again, this is based off my numbers (3.98, 174) so any less would probably be an injustice.

Message to the past:
Dear undergrad self,

Study, you jackass.

Signed,
Future Self

User avatar
Gail
Posts: 977
Joined: Thu Nov 10, 2011 11:11 am

Re: How much debt is too much?

Postby Gail » Mon Mar 12, 2012 8:02 pm

No13baby wrote:Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.


:shock:

User avatar
Chucky21
Posts: 294
Joined: Mon Feb 06, 2012 12:36 pm

Re: How much debt is too much?

Postby Chucky21 » Mon Mar 12, 2012 8:03 pm

splitbrain wrote:
bernaldiaz wrote:Then again, this is based off my numbers (3.98, 174) so any less would probably be an injustice.

Message to the past:
Dear undergrad self,

Study, you jackass.

Signed,
Future Self


I consider myself lucky that I received this message from my future self in undergrad.

User avatar
Mce252
Posts: 940
Joined: Thu Jun 11, 2009 12:43 pm

Re: How much debt is too much?

Postby Mce252 » Mon Mar 12, 2012 8:06 pm

No13baby wrote:Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.


You mean a mortgage? Hahaha...

User avatar
MormonChristian
Posts: 214
Joined: Sat Nov 19, 2011 11:33 pm

Re: How much debt is too much?

Postby MormonChristian » Mon Mar 12, 2012 8:13 pm

Way more than I should.

lobolawyer
Posts: 150
Joined: Tue Oct 25, 2011 4:26 pm

Re: How much debt is too much?

Postby lobolawyer » Mon Mar 12, 2012 8:14 pm

No more than your (realistically expected) first year salary.

User avatar
JCFindley
Posts: 1283
Joined: Thu Mar 01, 2012 1:19 pm

Re: How much debt is too much?

Postby JCFindley » Mon Mar 12, 2012 8:45 pm

Not one cent. I am WAY to old to go into dept getting a JD.

RodneyBoonfield
Posts: 309
Joined: Tue Jun 28, 2011 6:54 pm

Re: How much debt is too much?

Postby RodneyBoonfield » Mon Mar 12, 2012 9:46 pm

Tadatsune wrote:Message to the past:
Dear undergrad self,

Study, you jackass.

Signed,
Future Self


Amen. My kids will not be making the same mistake.

User avatar
padawanphil
Posts: 351
Joined: Tue Nov 15, 2011 3:42 pm

Re: How much debt is too much?

Postby padawanphil » Mon Mar 12, 2012 9:55 pm

lobolawyer wrote:No more than your (realistically expected) first year salary.

User avatar
TTRansfer
Posts: 3796
Joined: Sat Jan 21, 2012 12:08 am

Re: How much debt is too much?

Postby TTRansfer » Tue Mar 13, 2012 12:11 am

Anything over 150K is my vote.

User avatar
Gail
Posts: 977
Joined: Thu Nov 10, 2011 11:11 am

Re: How much debt is too much?

Postby Gail » Tue Mar 13, 2012 12:34 am

padawanphil wrote:
lobolawyer wrote:No more than your (realistically expected) first year salary.


That's the case for people in undergrad. Not so much in grad school.

If you incur 200k in debt and make 160k a year, you will live very comfortably and still be able to pay off your debt in less than ten years (many people who are t14 or die are banking on that). Your living standards, if you're a reasonable human being, won't explode just because you're making a lot of money right after college.

t14fanboy
Posts: 438
Joined: Mon Aug 08, 2011 12:51 pm

Re: How much debt is too much?

Postby t14fanboy » Tue Mar 13, 2012 12:40 am

Over 9000.

User avatar
MachineLemon
Posts: 375
Joined: Thu Oct 20, 2011 9:47 am

Re: How much debt is too much?

Postby MachineLemon » Tue Mar 13, 2012 12:44 am

t14fanboy wrote:Over 9000.

TITCR

SpoonForkSpork
Posts: 44
Joined: Tue Mar 22, 2011 5:44 pm

Re: How much debt is too much?

Postby SpoonForkSpork » Tue Mar 13, 2012 1:19 am

The answer depends too heavily on the school. The poll is going to skew towards lower values since the number of people getting accepted within a certain rank/quality range will decrease as you move up the ladder.

User avatar
danitt
Posts: 1984
Joined: Wed Sep 07, 2011 9:40 pm

Re: How much debt is too much?

Postby danitt » Tue Mar 13, 2012 10:53 am

Gail wrote:
No13baby wrote:Anything a median graduate from your school can't pay off. I'd give myself ten years, but I know some people are okay with 30-year payment plans.


:shock:

If I go back to my country after graduation (i.e. can't find a job with sponsorship in the U.S.) this will be me because our currency is worth waaaaay less. I have to admit the allure of going to a cheaper school rather than a T-14 school is definitely weighing heavily on my mind.

User avatar
seancris
Posts: 676
Joined: Tue Mar 08, 2011 3:10 pm

Re: How much debt is too much?

Postby seancris » Tue Mar 13, 2012 11:13 am

It all depends on the school.

I got full-tuition at SteTTTson and wouldn't accept it.

Emory is ranked #24, and I recieved a 60k scholarship this cycle from them, putting debt including CoL expenses at roughly 95-100k with frugal living. I wouldn't even consider 100k at Emory ITE.

I would consider 100k at Vanderbilt. 120k at Lower T14, might be pursuaded to go slightly higher but not much.

HYS I wouldn't worry about the debt.

User avatar
minnbills
Posts: 3153
Joined: Thu Sep 02, 2010 2:04 pm

Re: How much debt is too much?

Postby minnbills » Tue Mar 13, 2012 11:18 am

TCR is a number at or below an expected first year salary- unless you're going to an elite school.

70,000 is probably my limit. I'm hoping to keep debt around 60-65,000 though inc. debt from UG.

User avatar
androstan
Posts: 2546
Joined: Mon Jul 19, 2010 8:07 am

Re: How much debt is too much?

Postby androstan » Tue Mar 13, 2012 11:23 am

I like the first option, <25000, because if you pick that option then you could be saying that $0 is too much debt.

User avatar
Tadatsune
Posts: 181
Joined: Wed Jan 18, 2012 4:17 pm

Re: How much debt is too much?

Postby Tadatsune » Tue Mar 13, 2012 11:31 am

androstan wrote:I like the first option, <25000, because if you pick that option then you could be saying that $0 is too much debt.


Law school should pay you to go to it.




Return to “Choosing a Law School”

Who is online

Users browsing this forum: No registered users and 2 guests